Should You Buy Targa Resources (TRGP) Ahead of Earnings?

Investors are always looking for stocks that are poised to beat at earnings season and Targa Resources Corp. TRGP may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.

That is because Targa Resources is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for TRGP in this report.

Analysts have very recently bumped up their estimates for TRGP, giving the stock a Zacks Earnings ESP of +168.18% heading into earnings season.

A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).

Clearly, recent earnings estimate revisions suggest that good things are ahead for Targa Resources , and that a beat might be in the cards for the upcoming report.

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